The issue of turning Armenia into a regional financial center is discussed during all-Armenian conference of bankers and financiers organized by the Armenian Ministry of Diaspora jointly with the CBA and Union of Banks of Armenia.

A Russian expert shared his opinion on the matter with journalists, saying that similar discussions are held also in Moscow.

According to him, Singapore’s and Hong Kong’s experience should be studied, as they are financial centers of their regions. “And what is done in Russia and, partially, Armenia? First, we declare and then think of further steps. However, actions should be first,” he said.

As for shortages that can have impact on turning Armenia into a financial center, the expert said that attitude towards Armenia – its positioning, including branding – is of keen importance. “There is a legislative field, market infrastructure and stock exchange. However, the base of professional services for those companies, which will arrive here for listing, is weak in Armenia,” the expert said.